Biocon Q1 profit up 19 per cent at Rs 93.50 crore

Biocon has reported a 18.65 per cent rise in consolidated net profit. (Reuters)

SummaryConsolidated total income of the Biotechnology major rises to Rs 700 cr for April-June, 2013 quarter.

Biotechnology major Biocon today reported 18.65 per cent rise in consolidated net profit at Rs 93.50 crore for the first quarter ended June 30, 2013 buoyed by robust performance in all verticals led by the biopharma segment.

The company had posted a net profit of Rs 78.80 crore in the same quarter last fiscal, Biocon said in a statement.

Net is net profit after taxes, minority interest, it added.

Commenting on the results, Biocon Chairman and Managing Director Kiran Mazumdar-Shaw said: "The results are due to good product mix, focused approach on business and high growth vertical delivering well."

Earnings Before interest, taxes, depreciation, and amortisation (EBITDA) have grown and the EBITDA margin has surged, she added.

Consolidated total income of the company also rose to Rs 700.69 crore for the April-June, 2013 quarter as against Rs 576.68 crore for the year ago period.

"The new organisation structure has enabled us to deliver superior results with the core business performing strongly. Biocon's insulins business continues to do well, riding on the back of an increased geographical footprint in the emerging markets," Mazumdar-Shaw said.

The India-focused branded formulations vertical as well as research services continue to grow at a steady pace, she added.

Biopharma business of the company registered a 21 per cent growth on a year-on-year (YoY) basis to Rs 439 crore. The Branded Formulations registered a growth of 17 per cent YoY to Rs 101 crore, Biocon said.

Research services (Syngene and Clinigene) also registered a growth of 26 per cent YoY to Rs 155 crore, it added.

The company is also planning to launch its second novel biologic Alzumab to be used for the treatment of chronic plaque psoriasis in the country in the current quarter.

"I am very excited about the upcoming launch of Alzumab,

our second novel biologic. We look forward to bringing this

first-in-class molecule for the treatment of psoriasis to the

Indian market," Mazumdar-Shaw said.

Alzumab will be manufactured at the company's Biopharma manufacturing facility at Biocon Park in Bangalore.

The company will continue to focus to further its progress in the biosimilars, research services and the branded formulations space, Biocon said.

"The R&D and Capex investments in our biosimilars programs continue as planned with R&D costs expected to increase during the year," it added.

Cheered by the results shares of Biocon were today trading at Rs 312.00 apiece in the afternoon trade on BSE, up 4.16 per cent from their previous close.